Will Elon Musk Give Up His Twitter Acquisition? The company’s current CEO doesn’t seem to think so.
On Friday, Twitter boss Parag Agrawal posted a thread addressing the challenges facing the company, hours after Musk abruptly decided to halt his takeover bid.
“While I hope the deal is done, we need to be prepared for all scenarios and always do what’s right for Twitter,” wrote Agrawal. “I am responsible for leading and operating Twitter, and our job is to build a stronger Twitter every day.”
Agrawal made the statement when explaining why this week he fired two company executives and implemented a hiring freeze. “Some have asked why a ‘lame duck’ CEO would make these changes if we are being acquired anyway,” he wrote. However, Agrawal responded by saying that “no one on Twitter is working just to keep the lights on”.
“We are proud of our work. Regardless of future ownership of the company, we are here to improve Twitter as a product and business for customers, partners, shareholders and all of you,” he added.
In addition, the difficult economic conditions facing the US are prompting Agrawal to act. “People also asked: why manage costs now or after closing? Our industry is in a very challenging macro environment – right now,” he said. “I will not use the agreement as an excuse to avoid making important decisions for the health of the company, nor will any leader on Twitter.”
Musk has decided to temporarily suspend his takeover bid out of apparent concern that Twitter may be miscounting the percentage of spam and fake accounts on the platform. “Twitter’s settlement temporarily suspended pending details that support the calculation that fake/spam accounts actually represent less than 5% of users,” he said in a statement. tweet(Opens in a new window) on Friday morning.
“Still committed to the acquisition,” he added in a follow-up tweet.
However, the temporary suspension is causing many to wonder if he plans to go back on the deal. Musk originally planned to use $21 billion of his own Tesla shares to fund the takeover bid. Another $12.5 billion was to come from margin loans that would use Musk’s investments as collateral. But since then, Tesla’s stock price has dropped from $1,028 to $769.
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If the takeover goes through, you can expect Musk to replace Agrawal with someone else. According to Reuters, Musk already has a new executive to lead Twitter as CEO. Meanwhile, Agrawal is signaling that he plans to speak more publicly about his efforts to improve Twitter.
“So what can you expect from me going forward? I’m still focused on getting the job done, and that includes making tough decisions as needed,” he wrote later Friday. adding(Opens in a new window): “I will also try to bring more transparency to the work we do.”
“You won’t see me tweets about the ‘topic of the day’ or the loudest sound, but rather about the ongoing, ongoing and challenging work our teams are doing to improve the public conversation on Twitter,” said Agrawal.
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